Test Your Knowledge Return to Jekyll Island Click

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Test Your Knowledge Return to Jekyll Island Click on the letter of your choice

Test Your Knowledge Return to Jekyll Island Click on the letter of your choice to test your understanding. A B C

Question 1 What event in U. S. history in the early 1900 s resulted

Question 1 What event in U. S. history in the early 1900 s resulted in a call for reform of central banking? A • The Panic of 1907 B • The stock market crash of 1929 C • World War 1

Question 2 During the Panic of 1907, the U. S. Treasury contributed $25 million

Question 2 During the Panic of 1907, the U. S. Treasury contributed $25 million to help rescue the economy. Which of the following was NOT part of the additional rescue efforts that occurred during the panic? A • J. P. Morgan raised $25 million in emergency funds. B • John D. Rockefeller contributed $10 million of his personal funds. C • Senator Nelson Aldrich contributed $30 million in donations.

Question 3 The ________ established a commission tasked with studying the causes of the

Question 3 The ________ established a commission tasked with studying the causes of the Panic of 1907 and developing a plan for a major overhaul of the nation’s financial system. A • Federal Reserve Act of 1913 B • Aldrich-Vreeland Act of 1908 C • National Monetary Commission

Question 4 The Aldrich-Vreeland Act called for the creation of an 18 -member committee

Question 4 The Aldrich-Vreeland Act called for the creation of an 18 -member committee to draft a proposal of reform for the banking and financial system. This committee was called the A • National Financial Committee B • National Monetary Committee C • National Economic Committee

Question 5 To break the gridlock and draft the report due to Congress, _______

Question 5 To break the gridlock and draft the report due to Congress, _______ called a secret meeting in Jekyll Island. A • Frank Vanderlip B • J. P. Morgan C • Senator Nelson Aldrich

Question 6 The first and second Banks of the United States failed in part

Question 6 The first and second Banks of the United States failed in part because of the public’s perception that: A • The banks were controlled by big banks and rich financiers. B • The banks were controlled by the federal government. C • The banks were controlled by the states.

Question 7 The draft legislation that resulted from the meeting on Jekyll Island was

Question 7 The draft legislation that resulted from the meeting on Jekyll Island was known as the ____; its terms called for the establishment of ____ regional banks called Reserve Associations to be part of a central banking system. A • National Monetary Commission; 10 B • Federal Reserve Act; 12 C • Aldrich Plan; 15

Question 8 Which of the following is a duty specified for the Reserve Associations

Question 8 Which of the following is a duty specified for the Reserve Associations under the Aldrich Plan? A • Create an elastic currency and give emergency loans to member banks. B • Serve as fiscal agent to the U. S. government, C • Both A and B.

Question 9 Under the Aldrich plan, the central banking system would be led by

Question 9 Under the Aldrich plan, the central banking system would be led by a board with ____ members headed by a ______. A • 45; governor B • 7; president C • 9; director

Question 10 The Aldrich Plan did not successfully achieve passage due to what concern?

Question 10 The Aldrich Plan did not successfully achieve passage due to what concern? A • Its banker-centered structure B • Its government-centered structure C • Its Association-centered structure

Thank you for participating in “Test Your Knowledge”

Thank you for participating in “Test Your Knowledge”